House Bill No. by Representative Turner aims to amend the existing law regarding the College and University Deferred Maintenance and Capital Improvement Fund. The bill establishes a new requirement for the state treasurer to deposit $100 million into this fund starting in the fiscal year 2025-2026 and continuing for the next four fiscal years. This addition is intended to enhance the financial resources available for addressing deferred maintenance and capital improvements at state colleges and universities.

In addition to the new deposit requirement, the bill retains existing provisions regarding the sources of funding for the College and University Deferred Maintenance and Capital Improvement Fund. These sources include proceeds from bonds, legislative appropriations, donations, and other funds provided by law. The bill also maintains the stipulation that unexpended and unencumbered funds at the end of the fiscal year will remain in the fund and that the treasurer will invest these funds similarly to the state general fund, with any interest earned credited back to the fund.

Statutes affected:
HB335 Original: 17:4(A)